Expatica news

Inflation up 2.4pc this year

12 December 2003

MADRID – Inflation has risen by 2.4 percent this year, it was reported Friday.

The figure, which relates to a period between January and November, was revealed by the National Office of Statistics.

The year-on-year figures, show inflation has risen by 2.8 percent.

Economists said the consumer price index for November had risen by 0.3 percent.

They gave a detailed resume of how prices had changed in different industries.

In November, clothing and footwear went up by 3.3 percent.

The price of housing rose by 0.3 percent, education by 0.2 percent, food and non-alcoholic drinks, medicine and other goods and services by 0.1 percent..

The cost of alcoholic drinks, tobacco and transport remained stable.

On the other hand, there was decrease in the cost of the leisure and culture sectors, which fell by 1.1 percent. The picture was the same in the communications (0.6 percent, hotels, cafeterias and restaurants (0.1 percent) sectors.

Industrial goods went up by 0.9 percent in November, with an inter-annual rate of 1.2 percent. The cost of energy went up by 0.3 percent last month.. The rise over the past twelve months was 1 percent.

The price increases that most affected the cost of living in November were vegetables (1.7 percent), fruit (0.7 percent), eggs (3.9 percent), lamb (2.5 percent), clothing (3.8 percent), footwear (2percent), restaurants, bars and cafeterias (0.2 percent), fuel (0.3 percent) .

These increases were partly checked by a decrease in the price of fowl (5.6 percent), pork (1.7 percent), organised trips (5.9 percent), hotels (4.1 percent), telephone services (0.7 percent) and cars (0.2 percent).

According to the 1997 Pension Law, the government must pay pensioners the difference between the 2percent increase in their pensions and the inter-annual rate in inflation in order to redress their purchasing power. 

[Copyright EFE with Expatica]

Subject: Spanish news